US stocks weekly: Uncertainty

Analog Devices

24/02/2025 11:00

(Repeats from Friday with no changes to text. Updates chart)
** S&P 500  .SPX  slides 1.7% as economic data, geopolitics cast
a pall  .N 
** SPX, once again, repulsed by long-term resistance line
** Dow  .DJI , down 2.5%, has worst week since late Oct, and
Nasdaq composite  .IXIC  also sells off by 2.5%
** Large-cap Russell 1000  .RUI  down 2%, while small-cap
Russell 2000  .RUT , underperforms, swoons 3.7%
** U.S. 10-Year Treasury yield  US10YT=RR  declines to ~4.43%,
on track to fall for a fourth-straight week, though still stuck
in the weeds
** Majority of sectors worry: Consumer Discretionary and
Communication Services most nervous, while Energy and defensive
plays show some confidence; and when it comes to Tech vs
Financials, this dogfight is getting interesting
** Consumer Discretionary  .SPLRCD  plunges 4.3%. Cruise
operators dive after US commerce secretary Lutnick's comments on
taxes. Carnival  CCL.N , Royal Caribbean  RCL.N  lose ~11.5% and
11%
** Communication Services  .SPLRCL  plummets 3.7%. Facebook
parent Meta  META.O  snaps 20-session winning streak. META loses
7% for the week
** Industrials  .SPLRCI  fall 2.1%. Transportation stocks sink
amid economy, tariff worries. Dow Jones Transport average  .DJT 
sheds 3.4%
** Financials  .SPSY  fade 2%. Big banks fall amid selloff
sparked by uncertainty over consumer spending
    For the week, S&P 500 banks index  .SPXBK  and KBW regional
banking index  .KRX  retreat 4.2% and 3.8%, respectively
** Tech  .SPLRCT  tumbles 1.8%. Palantir  PLTR.O  falls after
Pentagon eyes potential defense budget cuts
Though chipmaker Analog Devices  ADI.O  rises on upbeat Q1 rev,
profit
    Semiconductor index  .SOX  eases 0.5%
** Consumer Staples  .SPLRCS  gain 0.9%. Modelo maker
Constellation Brands  STZ.N  jumps after Warren Buffett's
Berkshire Hathaway  BRKa.N  discloses new stake
However, Walmart  WMT.N  slumps as 2026 sales growth forecast
signals weary consumer, disappoints Wall Street analysts. WMT
registers 9% weekly decline
** Energy  .SPNY  up 1.1%. Occidental Petroleum  OXY.N  rises
after Q4 profit beat, asset sale plans. Oil prices gain on
supply hits, traders cautious on Ukraine peace talks  O/R 
** Healthcare  .SPXHC  up 1.1%. Though UnitedHealth  UNH.N 
falls on report DOJ probing its Medicare billing practices
    For the week, Nasdaq biotech index  .NBI  rallies 1.5%
** Meanwhile, with so much doubt, a risk-off stance may help
    ** SPX performance YTD:

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SP 500 2025 YTD THROUGH FEBRUARY 21    https://fingfx.thomsonreuters.com/gfx/buzz/akpenzayyvr/SP%20500%202025%20YTD%20through%20Feb%2021.jpg
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(Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
((lance.tupper@tr.com ; terence.gabriel@tr.com))